What characteristics lead to this greedy desire to hoard the gold? I would say, unequivocally, pride. Thorin is proud of having undertaken a perilous journey across Middle Earth to reclaim his birthright, he is proud of his new self-appointed title as King Under the Mountain, he is proud of having aquired the treasure of his fathers, and he is not about to give any of it up under threat by an army of upstart Lakemen and a gaggle of elves led by the man who sent him and his companions into solitary confinement! To do so – to share his birthright at the point of a sword, would be the ultimate in cowardice and shame, according to Thorin. He feels his very dignity is at stake, and the treasure, in this case, must be protected in order to protect his honor. This is partly why he accuses Bilbo of not understaning “honor.” Yes, Thorin (and all dwarves) have a love for the work of their hands that often gets out of hand and into the territory of “greed.” But even then, that greed is born of being over-proud of either the crafting, or acquisition, of that treasure. Greed is a symptom of pride. People want “stuff” because that stuff enhances their reputation among their peers. It enhances their pride, and decreases their shame. And if someone threatens to take it from them by force, their honor is tested. If they flee or give up, they are cowards. If they stand their ground and fight, they are heroes, and their glory will live on in Valhalla (or in this case, wherever it is that Aule stashes them).

Bilbo’s Baggins side represents an alternative to this tragic value system.